Las Vegas Real Estate Career

In March 2008, as a result of the Economic Stimulus Package, FHA, Fannie Mae and Freddie Mac raised their loan limits.   These increases had a deadline of December 31, 2008.

The new limits were just announced for 2009.

Effective January 1, 2009:

• CLARK COUNTY FHA - $287,500 (down from $400,000)
• CLARK COUNTY FANNIE / FREDDIE - $417,000 (no change)
• NYE COUNTY FHA - $271,050 (down from $325,000)
• NYE COUNTY FANNIE / FREDDIE - $417,000 (no change)

If you have buyers looking to put down less than 10% and they are looking for a home priced over $296,000, they need to find a home quickly. 

Loans must be locked by 12/13/2008 and fund by 12/31/2008.   No exceptions.

Also, as a reminder, the minimum down payment on FHA loans will go up to 3.5% from its current 3% on January 1, 2009 as well.

The Nevada Real Estate Division announced the publication of its first textbook on Nevada real estate law, the Nevada Law and Reference Guide.  The book covers six areas of Nevada law including:  Agency, Fiduciary Duties, Brokerage Agreement, Disclosures and Advertising. 

Visit the Nevada Real Estate Division website to access the specific chapters and download the PDF files.

Chapter 1 - Nevada Law on Real Estate Agency

Chapter 2 - Nevada Law on Fiduciary Duties

Chapter 3 - Nevada Law on Brokerage Agreements

Chapter 4 - Nevada Law on Offers and Purchase Agreements

Chapter 5 - Nevada Law on Disclosures

Chapter 6 - Nevada Law on Advertising